One of the biggest names in bitcoin investing, Galaxy Digital, is getting ready to open a $100 million fund that will be used to finance early-stage cryptocurrency businesses.
As part of Galaxy's venture capital franchise, the fund, named Galaxy Ventures Fund I, LP, will be merged into the company's asset management division in 2023. Over the following three years, the fund hopes to invest in up to 30 firms, with $1 million serving as the minimum commitment.
The emphasis will be on startups creating software infrastructure, financial applications, and crypto-related protocols.
Galaxy Digital has a robust background in cryptocurrency investment. Over the past six years, the business has put $200 million into over 100 initiatives. Although the Interactive team at Galaxy has previously received outside funding, this is the venture team's first time doing so.
According to a shared investor communication, the new fund aims to "continue the success of proprietary balance sheet investments through a direct, institutional-grade fund."
Another investment firm, Paradigm, recently declared that it would establish a cryptocurrency fund with a target value of between $750 and $850 million.
April 2024, Cryptoniteuae